There comes a time in every property agent’s life when they look back at their career and wonder what they’d do differently given their time again.
Some of us do this in the hope that we can help the next generation of property agents to avoid the same mistakes we made!
What would be in your list?
Here’s my top five:
- Qualifications: I might be biased now that I am employed in property education but I wish I’d taken qualifications more seriously when I was a young estate agent! I probably should make clear here the distinction between qualifications and education. I was very keen on the latter. I became an estate agent at 21 with only a degree in music and absolutely no business skills. Consequently I had to study hard to teach myself the profession, general business skills and marketing. However, what I didn’t do was take any related qualifications.
Big mistake.
Having property or business focused qualifications would have made life easier by
- helping me properly structure my studies
- giving me added credibility in the profession (not always easy when you are young)
- Providing me with a competitive edge, a significant bonus when I opened my own estate agents at 24. There is nothing like having ‘letters’ after your name on a business card, especially if your competitors don’t.
(And, unlike the mid 1980s when I started, there is far more legislation now for property agents to comply with and keep on the right side of the law.)
- Don’t follow the herd: Question everything, whether you are new to the profession or not. Just because things are done in a certain way doesn’t mean it’s the best way. Don’t be afraid to have an opinion. Just make sure you can clearly argue your case and are aware of the objections others may raise (so you can prepare counter arguments for these).
Too many times, as a young agent I followed the actions of others. I thought that either their age or experience gave them the right answers in everything. It didn’t always. Fortunately, a promotion and taste of seniority gave me the confidence to start thinking differently and creatively.
If the property profession is to develop in the twenty first century and stay relevant to its customers, its needs creative thinkers in the profession. Make sure that you are one of them!
- Don’t cut corners:
There are unfortunately agents who feel the only way to do business is to disregard the law and have no care for the best interests of the public. Don’t fall into the trap of following these individuals. You’ll just learn bad habits that will hamper your long-term career and reputation. Success and complying with legislation is possible, and don’t let anyone tell you otherwise.
- Learn conveyancing: When I joined the property profession I quickly realised that my ignorance of the legal processes involved with purchasing property was a major hindrance to my monthly commission. The matter was rectified quickly – I knew a few solicitors who kindly offered to show me the legal steps involved with conveyancing (probably because it stopped me ringing them and demanding an exchange of contracts even though they’d keep explaining that a search wasn’t available yet!)
Knowing how things worked legally also gave me the edge over many other agents (it was far easier to tell if there were problems in a chain and another agent was trying to pull the wool over my eyes).
- Learn all aspects of being an agent. I learned everything I could about being an estate agent. However, I now wish I had branched out into other property areas, particularly residential lettings. Don’t make the same mistake I did – learn at least two related disciplines. That could be sales and letting, or sales and auctioneering, or perhaps commercial and letting. It will help you become a more rounded, knowledgeable agent, and far more appealing to the public.
Paul Jager is head of the property division at MOL, who provide a variety of training in property and management. For more details on these call MOL on 0345 203 2103 or visit their website at www.mollearn.com
Comments (22)
Hi Chrobeck. A late reply, but hope you read this.
In my opinion, there is no doubt at all that exam qualifications can help you to progress within the industry, particularly if you want to move away from dealing with the run-of-the-mill properties It’s not just the letters after your name which more than a few agents joke about, it’s the knowledge that you gain and the the confidence that you gain from having them. For 19 out of 20 clients who are not the slightest bit interested in your qualifications, the 20th will be and you will have far more chance of securing that instruction as a result. Also, that instruction is more likely to be a decent property and you’ll be dealing with a client who respects you more as an agent and does not just want the cheapest deal in town. You’re quite right about an increasingly ageing population wanting more “senior” people acting for them, and senior does not just refer to age, it alsorefers to competence.
Good luck!
Glad I stumbled across this. I’ve been an agent since I left sixth form at 18 (now 24, I’ve worked my way up to being Senior Negotiator). I’ve never taken any exams or gained qualifications but I’m more than happy to do so, and I’m sure the owner of the business will fund it, but what I’d be interested to know is whether it is proven that agents who have the qualifications get more instructions. At the very least, it would certainly be a ‘badge of honour’ in my defence, when I have felt at a disadvantage because of my age – in my experience there are clients who prefer to deal with somebody more senior – so perhaps I’ll look in to it in the New Year and put my name down for a course.
It seems as though most of your points have been answered, smile please! I must say you seem to hate the NAEA with a vengeance. It would be interesting to know why.
No organisation is perfect. The NAEA has grown immensely in the 30-odd years it has been in existence and has had a major reorganisation over the past few years which has led to further increased membership. It has major influence at government level and, by-and-large, members appreciate the advice, information and benefits it provides for them.
What is the current membership level Richard?
Hate is a strong word, but yes i am not there biggest fan.
Not sure any of my points have been answered.
The reason i do not like them is i do not beleive they add anything but act as though they do. To me they are as bad as online agents, smoke, mirrors and bluff.
I fail to see how the NAEA have influenced the government that has not directly feathered their own nest. Why do you think they lobby for regulation? Answer they are the ones that benefit. I also question what advice and information or benefits they provide. We get more information from EYE than the NAEA!
I guess i am just upset that a body that is there for the supposed good of the industry is actually just after self preservation and revenue raising.
Not sure that there is much more I can say. I cannot agree with your last paragraph and you seem to have your mind firmly made up. Perhaps you should change your name to “sourpuss” rather than “smile please”!
I’m not sure what the membership is now, Robert. It dipped when the great recession hit in 2009 but has increased pretty much year on year since the reorganisation into regions rather than branches. I’m sure Arbon House at Warwick will tell you if you contact them.
Over and out. I’m off tomorrow on a compliance course!
Just for sport this is what the NAEA have in place on their website:
USING A NAEA AGENT YOUR ARE GUARANTEED:
That the agency has Professional Indemnity Insurance – I think you will find even portals insist on this and Redress schemes which are compulsory now.
To be consulting with an agent who is either experienced or qualified who can give you up-to-date advice and guidance – Are not all agents experienced? may only be a week or a month but still experienced.
That you are dealing with an agent who voluntarily follows the Conduct and Membership Rules laid out by NFoPP regulation – Which basically means follow the law, which again all agents do, if not they can be prosecuted.
That you have a route to independent redress. – Every agent needs to be signed up to independent redress, NAEA members or not!
I only want to make one point (or bit of advice).
If you start in estate agency without a secondary qualification or skill you might find you cant get out.
I have met too many “estate agents” who for the love of all that is fair should never have started, let alone stayed.
I am positively encouraging and requesting good people rejoin NAEA however the bits broken by the NFoPPification of NAEA still exist and it is a struggle to convince agents NAEA can be an association that puts the interests and livelihood of its members first.
Take an an example the Twitter window on the world, it is populated with promotions that benefit NAEA through partnership rather than promoting or defending best practice. The interaction with member agents just isn’t there even when there is attempt to engage NAEA through that channel.
I’m not sure what organisations loubiloo and smile please are referring to, but you don’t HAVE to join the NAEA once you have passed the exams. The exams are a qualification in their own right. The fact that most people chose to join afterwards is a different matter.
Why should a student / member have to pay to be a member?
CII and such do not charge a yearly membership fee, you sign up and you are a member for life.
NAEA are just interested in raising revenue in my opinion. If they really did want to show they are about promoting standards why not clamp down on some of the rouge agents that are members? – The Russian documentry over ‘Dirty money’ was swept under the carpet. The NAEA to the best of my knowledge have still not come out and punished these agents. Are you happy that an organisation you are (i am guessing) part of turns a blind eye to this but happily promotes best practice and even their own brand of qualifications?
SP: I don’t think your assessment takes into account all that the bodies do outside of the education and membership. I appreciate you put caveat to your comment with ‘to the best of your knowledge’ but perhaps it would be worth you finding out rather than battering the organisations that are trying to support the industry whether members or not? Just a thought.
Hi Simon,
That is my whole point, what do these bodies do?
I have been a member in the past, i regularly check to see what they do now. I read industry articles. Yet apart from sponsoring, attending, hosting industry events which is aimed to increase awareness WITHIN the industry and help recruit and in turn increase income, i am at a loss of what they actually provide?
What do the NAEA do for you? what benefit other than a sticker and logo do you get? Have you ever tried calling NAEA for advice, my experience has been nothing short of dire.
I appreciate RIC’s is different but only when it comes to surveying.
I have no problem in agents being honest and saying they like to feel part of a club. Where i do get upset is when these clubs / members make out that there is a benefit to join that is not there. We are the first to jump on online agents that spin a story but people turn a blind eye to the likes of NAEA, Why? because they have been around for sometime and its accepted and not questioned.
If an industry body was formed that did look at promoting full service high street agency and was there to uphold rules and even offer qualifications the public knew about and recognised. Did not just look at raising revenue but provided a service. i would be more than happy to support.
Ask yourself this if a new voluntary membership body started up today offering qualifications that made no difference to your job, the public had never heard of them, they wanted to charge your office and your staff membership fees in the hundreds of pounds every year. And they were happy to work along side high street agents and onliners, would you sign up?
If you are being honest the answer is no. So why join the likes of NAEA? – Simple snobbish attitude that you feel buys you credibility.
Just a thought …..
I’ve been an ARLA member since 2007 and I do wholeheartedly believe that we have received value for money from being members. Now with the legal telephone helpline which saves us paying for a separate membership and basically pays for itself I think we get value for money.
In addition to this I’d urge anyone deciding on which body to align themselves with to go and take a look at what NFoPP do in campaigning and helping to shape legislation rather than leaving the industry to bear the brunt of whatever latest hairbrained scheme comes out of Westminster. This all takes money, which comes from the membership.
And when licencing comes, which it will, being a member of a recognised body, who are fighting for you, will be worth much more.
When I say ‘Just a thought’, I mean it is an alternative opinion.
I agree with four out of the five points and it will come as no surprise that the one i disagree with is qualifications (that are not recognised).
I would suggest to a new neg to take a degree in business or go for a qualification that means something within the property industry, energy assessor, surveying, mortgage adviser or even accountancy. This allows you to do more and is recognised and in some cases gives you something to fall back on and does make you stand out from the crowd.
As LoubieLou points out above £200 p.a. plus the hundreds they take off you to get the qualification considering the public do not know about them is a joke.
Loubielou, if you knew then what you knew then would you still take the qualifications or would you look at other options?
As for letters after your name i think rather pompous, i could have an alphabet after my name but chose not to.
At last someone who’s not afraid to “come out” and talk about the value of qualifications. It makes a refreshing change form the myriad of comments from agents who think they are a waste of time. It’s not just the letters after your name that count, it’s the added knowledge and confidence that it gives which has personal and business benefits.
This is great when your learning however been just a negotiator and having to pay the extortion membership fees once you pass your exams is tough. I think there should be more structure where for example a business owner or corporate firm pay the top tier price but then the negs have a discounted rate, I stopped paying my membership fees as £200 a year was too much no matter how much I love learning.
Any employer worth their salt, who cares about staff development and pride, would cover the cost of learning and membership. In my experience the outlay is rewarded many times over.
There is also a tiered payment system but I think it relies on the number of individuals your business ‘pays’ for. So it is in the interests of the business and their staff to invest in them in this way.
Alternatively, there are other qualifications you can get that do not require a membership to hold on to them.
‘Don’t be afraid to have an opinion’………..I think we have all cracked that one.
I have a couple of spare ones if anyone is short!
“There are unfortunately agents who feel the only way to do business is to disregard the law and have no care for the best interests of the public” It is an almighty shame that when wrongdoing is uncovered and evidenced the fear of litigation is enough to ensure deliberate deception is dismissed and covered up.